State Farm Hikes Rates -- Commissioner Approves 19.5 Percent Increase

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JACKSON, Miss. - Mississippi's largest insurer is getting nearly a 20 percent wind insurance rate increase for Gulf Coast policyholders, state Insurance Commissioner Mike Chaney said Monday.

Chaney said he had approved a 19.5 percent increase for the wind portion of State Farm Fire and Casualty Co. homeowners' policies in the region that's still rebuilding more than four years after Hurricane Katrina. State Farm had proposed a 45 percent rate hike. Chaney said the proposed increase was "way too high."

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State Farm Hikes Rates -- Commissioner Approves 19.5 Percent Increase

The rate changes won't go into effect until February or March, Chaney said, "b...

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